Do not see 2008 like crisis Nifty may hold 5K Damani
Experts are not so worried about Indian market, even though globally panic and nervousness has gripped investors’ sentiments. Most experts feel that Indian market is still looking attractive and hence will sail through the turbulence.
Ramesh Damani, Member, Bombay Stock Exchange is also not expecting major panic in market. In an interview to CNBC-TV18, he said that though there is likely to be a knee-jerk reaction, the market may stabilise soon.
“I do not see 2008 kind of crisis. The Nifty is likely to hold 5000,” he added.
You should not miss this: S&P downgrades US: Why are brokerages not so worried?
Below is the edited transcript of Ramesh Damani’s interview with CNBC-TV18's Udayan Mukherjee and Mitali Mukherjee. Also watch the accompanying videos.
Q: Are there shades of 2008 or do you think this time we will play out differently, no need to panic as such?
A: This happened on Friday (US time) after all the global markets were closed. The market has had 48-hour cooling-off period. Had this come on Friday 1 o’clock, our trading time, the markets would have immediately sold off 500 points. We had 48-hour cooling-off period. So, there is going to be no panic in the morning. I think we will open gap down.
We are all stabbing in the dark. The world has changed. Is it a Bretton Woods type of change that took place in 1940s after World War II or is it more like Asian crises that left psychological damage, but no permanent damage to global markets? At this point, my sense is more of the latter. There will be a sell-off, but life goes on.
Q: How protracted do you think the correction might be?
A: I look at the history to guide, let’s look at Indian history. If you recall, 20 years ago our liberalisation programme began. The preface to that liberalisation programme was a near default that took place and we then had to pledge our gold. I as a very young analyst, at that time, was completely shaken. But if you look back through hindsight, it was probably the best buying opportunity in a generation that we had in the Indian stock markets. The index bottomed out within a few days and moved ahead. So, sometimes what appears to be bad news to the public is good news for the market because most of it is priced into the market. My first point is that most of the bad news in America has already been priced in the Thursday-Friday fall-off. Smart money in America already knew that downgrade was coming and priced that into the market.
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